Photo: Sheila Fitzgerald / Shutterstock.com
SHANGHAI, Jan 4 (Reuters) – China Ocean Shipping Group Co (COSCO) and China Shipping Group Co will become a new entity after merging, led by the latter’s current chairman, China’s state-owned assets regulator said on Monday.
The former rivals said in December they would merge through a series of asset swaps, creating units focused on distinct business areas such as container shipping and vessel leasing.
Together, COSCO and China Shipping control 488 billion yuan ($74.7 billion) worth of assets, Barclays analysts estimated.
After the merger, the resulting, newly established company will be chaired by Xu Lirong, the State-Owned Asset Supervision and Administration Commission said on its official microblog.
The merger comes as the government moves to consolidate state-owned industries.
($1 = 6.5340 yuan) (Reporting by John Ruwitch and Brenda Goh; Editing by Christopher Cushing)
Copyright(c) Copyright Thomson Reuters 2016.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Denmark will spend about 4 billion crowns ($614 million) on building and procuring 26 navy vessels for patrolling, oil spill response and surveillance of undersea cables, Defence Minister Troels Lund Poulsen said on Tuesday.
ADEN/WASHINGTON, April 17 (Reuters) – U.S. strikes on Yemen’s Ras Isa fuel terminal on the Red Sea coast have killed at least 74 people in the deadliest attack since the U.S. started its...
The US attacked a key Yemen oil port controlled by the Houthis overnight and killed dozens of people, according to the Iran-backed militants, raising the specter of a widening conflict in the Middle East.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
